The fund will be sponsored by Pampa Capital. The managers of Pampa Capital, have extensive experience in doing business in the Region and have successfully invested in many companies in the Region.

The Fund has a target commitment size of $150 million. The proposed IFC investment is $20 million in equity.

20.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

* These investment figures are indicative

The Fund will be structured as a limited partnership and will invest primarily in Argentina and Brazil. The management team will be based in Buenos Aires.

The Fund will contribute to the economic development of the Region by helping to provide scarce development capital that is not likely to be satisfied by the Region’s debt and equity capital markets. The management team expects to take an active role with its portfolio companies to ensure that they have sufficient resources to pursue their growth strategies, strengthen its corporate governance, and achieve operational, financial and costs improvements. The growth and success of these companies, in turn, will have a positive impact on exports, job creation and formalization, increased employee benefit coverage, development of employee skills, transfer of knowledge and consumers in the Region.

- Supporting a new fund, and thus playing a catalytic role in mobilizing foreign / international capital,

- Aligning fund structure and terms with international best practice,

- Supporting the Latin American PE asset class that has not been able to attract significant amounts of capital in recent years.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. IFC will analyze the activities proposed to be supported by Pampa Fund with IFC financing for types of transactions, size, tenor, and industry sectors, and determine the Applicable Requirements, if any, that would include a combination of:

- The IFC FI Exclusion List, and/or
- The applicable National Social and Environmental Laws and regulations where the funding takes place, and/or
- The IFC Performance Standards.

From the appraisal, IFC is satisfied with the capacity of Pampa Fund to identify and appropriately address social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). If required, IFC will suggest Supplemental Actions to address any gaps in the SEMS. Pampa Fund has agreed to appoint a qualified professional to manage environmental and social affairs, responsible for environmental and social performance in all operations. Pampa Fund will provide IFC with a copy of the internal memorandum indicating the appointment of the Environment and Social Manager.

Based on the review, Pampa Fund will be required to:

- Develop or upgrade, if necessary, any existing SEMS, prior to disbursement to the satisfaction of IFC,
- Commit to implement the SEMS, to ensure that investments supported by IFC financing are in compliance with the Applicable Requirements,
- Commit to take action to remedy any gaps in SEMS implementation on an ongoing basis, and
- Submit an Annual Monitoring Report (AMR) to IFC as per a format to be provided by IFC.

Additionally, given that Pampa Fund will invest in the agribusiness sector, with the risks that may arise, IFC will also review the implementation and performance of Pampa Fund''s SEMS for the first few projects, prior to Pampa Fund investment, to ensure that the Pampa Fund SEMS is robust.

If Pampa Fund were to invest in projects that might have adverse affects on sensitive habitats of global concern (e.g.the Amazon, Chaco), IFC may require additional information from the client on these possible projects prior to investment.